§ Mr. John Moore
asked the Chancellor of the Exchequer what is the total borrowing overseas by each of the nationalised industries over the last 12 months; and what is the average rate of interest on these borrowings.
§ Mr. Robert Sheldon
The table below shows the total borrowing overseas by individual nationalised industries from May 1977 to April 1978 inclusive. The figures have been converted where necessary into dollars at the middle market rates of exchange at the London close on 8th May 1978. The figures include borrowing not covered under the exchange cover scheme as well as covered borrowing, but do not include the $825 million which was raised in 1977 by the British National Oil Corporation in the form of forward sales of oil.
Industry Amount borrowed ($ million) Electricity Council 183 South of Scotland Electricity Board 8 North of Scotland Hydro Electric Board 7 British Steel Corporation 224 British Airways 89 British Rail 14 National Coal Board 288 British Shipbuilders 65
All of the above are fixed rate loans which carry interest varying from 5.7 per cent. to 10.25 per cent. with most at rates of around 9 per cent.